K92 Mining Announces Latest High-Grade Drill Results at Kora
Drill Hole KMDD0181 records multiple intersections including 10.40 m at 24.81 g/t Au, 11 g/t Ag and 0.28% Cu (25.36 g/t AuEq, 4.58 m true width) at the K2 Vein and 2.84 m at 5.36 g/t Au, 628 g/t Ag and 8.39% Cu (25.10 g/t AuEq, 1.68 m true width) at the K3 Vein.Drill Hole KMDD0189 records multiple intersections including 4.26 m at 45.98 g/t Au, 136 g/t Ag and 7.39% Cu (58.58 g/t AuEq, 4.04 m true width) at the K2 Vein. In combination with K1, Kora Link and K2, records a bulk intersection of 24.0 m at 11.31 g/t Au, 26 g/t Ag and 1.40% Cu (13.71 g/t AuEq, 22.8 m true width).Drill Hole KMDD0226 records multiple intersections including 8.80 m at 34.31 g/t Au, 6 g/t Ag and 0.17% Cu (34.63 g/t AuEq, 4.99 m true width) at the K1 Vein.
Drill Hole KMDD0222 records multiple intersections including 4.70 m at 26.77 g/t Au, 117 g/t Ag and 2.99% Cu (32.57 g/t AuEq, 4.66 m true width) at the K2 Vein.
Drill Hole KMDD0213A records multiple intersections including 6.30 m at 13.59 g/t Au, 47 g/t Ag and 2.41% Cu (17.74 g/t AuEq, 4.39 m true width) at the K2 Vein.
Drill Hole KMDD0185 records multiple intersections including 5.88 m at 18.23 g/t Au, 10 g/t Ag and 0.72% Cu (19.42 g/t AuEq, 3.77 m true width) at the K1 Vein.
Drill Hole KMDD0218 records multiple intersections including 5.54 m at 15.85 g/t Au, 7 g/t Ag and 0.67% Cu (16.93 g/t AuEq, 3.04 m true width) at Kora Link.VANCOUVER, British Columbia, July 15, 2020 (GLOBE NEWSWIRE) — K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT; OTCQX: KNTNF) is pleased to announce results from the ongoing diamond drilling of the Kora deposit at the Kainantu gold mine in Papua New Guinea.The results for the latest 37 diamond drill holes completed from surface and underground into the Kora deposit are summarized in Table 1 below. The results continue to demonstrate the high-grade and continuity of Kora with intersections largely focused on increasing drill density towards the South in addition to extending mineralization to the South at depth. All drill holes intersected mineralization.The results include KMDD0181, which is one of the deeper holes drilled to date, intersecting multiple veins including 10.40 m at 24.81 g/t Au, 11 g/t Ag and 0.28% Cu (25.36 g/t AuEq, 4.58 m true width) at the K2 Vein and 2.84 m at 5.36 g/t Au, 628 g/t Ag and 8.39% Cu (25.10 g/t AuEq, 1.68 m true width) at the K3 Vein. K3 is a vein that is interpreted to be sub-parallel to K1 and K2, has had limited drilling and was not included in the Kora resource.The drill results once again intersected a potentially bulk mineable zone. KMDD0189 recorded multiple intersections including 4.26 m at 45.98 g/t Au, 136 g/t Ag and 7.39% Cu (58.58 g/t AuEq, 4.04 m true width) at the K2 Vein. When combining the K1, Kora Link and K2 Veins, KMDD0189 recorded a bulk intersection of 24.0 m at 11.31 g/t Au, 26 g/t Ag and 1.40% Cu (13.71 g/t AuEq, 22.8 m true width).Towards the South, multiple high-grade intersections were also recorded, including KMDD0222 and KMDD0212. KMDD0222 recorded multiple intersections including 4.70 m at 26.77 g/t Au, 117 g/t Ag and 2.99% Cu (32.57 g/t AuEq, 4.66 m true width) at the K2 Vein and step-out KMDD0212, recorded multiple intersections, including 11.1 m at 10.25 g/t Au, 13 g/t Ag and 0.54% Cu (11.19 g/t AuEq, 7.02 m true width) at the K2 Vein.Other high-grade intersection highlights were KMDD0226, recording multiple intersections including 8.80 m at 34.31 g/t Au, 6 g/t Ag and 0.17% Cu (34.63 g/t AuEq, 4.99 m true width) at the K1 Vein. The intersection is up-dip from a previously defined high-grade area.Long sections of K1 and K2 showing the location of the latest drill holes are provided in Figures 1 and 2, respectively. Long section showing Kora drilling to date is provided in Figure 3.(Gold Equivalent (AuEq) is calculated using copper price of US$3.05/lb, silver price of US$16.05/oz and gold price of US$1,400/oz.)John Lewins, K92 Chief Executive Officer and Director, stated, “The results have once again demonstrated the high grade pedigree and continuity of the Kora system, underpinned by multiple high grade intersections including: KMDD0189 recording 4.26 m at 45.98 g/t Au, 136 g/t Ag and 7.39% Cu (58.58 g/t AuEq, 4.04 m true width) and KMDD0226 recording 8.80 m at 34.31 g/t Au, 6 g/t Ag and 0.17% Cu (34.63 g/t AuEq, 4.99 m true width).Importantly, Kora remains open in multiple directions and a major focus for the remainder of 2020 and into 2021 will be to continue to expand Kora’s known mineralized extents. This is in addition to significantly upgrading inferred resources to measured and indicated for the Stage 3 Expansion Feasibility Study.We have recently commissioned our most southerly underground drill cuddy, DDC14, which will enable drill testing to the southern end of the mining lease, almost reaching Kora’s southern extension target, Kora South. Development will not stop there, and our plan is to have additional drill cuddies to the south of DDC14, able to drill beyond the mining lease, testing this extension target, Kora South within our exploration lease to the south of the mining lease in Q4.Lastly, we highlight that Kainantu is in the midst of a rapid enhancement to our exploration capabilities, with six rigs currently on site, expanding to nine by the end of this quarter and ten by year end. The enhancement to our exploration capabilities will not only enable us to better achieve our strategic objectives at Kora but further unlock the potential of the district.”Table 1 - Kainantu Gold Mine – Significant Intercepts from Diamond Drilling(1) Gold Equivalent in Table 1 uses copper price of US$3.05/lb; silver price of US$16.05/oz and gold price of US$1,400/oz.
(2) Holes KMDD0179, KMDD0185, KMDD0203 and KMDD0205 were terminated prior to target K2 depth due to water and ground conditions.
(3) The following holes were included in the updated resource estimate for the Kora deposit (Table 3): EKDD0011, EKDD0017, KMDD0206 & 206A, KMDD0212 &212A, KMDD0179 & 0179A, KMDD0181, KMDD0183, KMDD0185, KMDD0187 and KMDD0189.Table 2 – Kainantu Gold Mine – Collar Locations for Kora Diamond DrillingThe complete Technical Report for the Kora Mineral Resource (shown in Table 3) will be prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and will be filed on or before July 31, 2020. On July 3, 2020, the Company announced that it will be relying on the temporary exemption pursuant to BCI 51-517 with respect to the requirement of section 4.2(l)(j) (technical report filing) and 4.2(5)(iii) (filing deadline) of NI 43-101, to file a technical report within 45 days of the May 19, 2020 disclosure (see May 19, 2020 Press Release: K92 Mining Inc. Reports Significant Resource Increase at High-Grade Kora Deposit), to support the first-time disclosure of a material change in mineral resources from the most recently filed technical report with respect to the Kora deposit at the Company’s Kainantu Gold Mine in Papua New Guinea.Table 3 – Global Kora Mineral Resource (Effective Date April 2, 2020)The Independent and Qualified Person responsible for the Mineral Resource Estimate is Simon Tear, P.Geo. of H & S Consultants Pty. Ltd., Sydney, Australia, and the effective date of the estimate is April 2, 2020.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.Resources were compiled at 1,2,3,4,5,6,7,8,9 and 10 g/t gold cut-off grades.Density (t/m3) is on a per zone basis, K1 and Kora Link: 2.84 t/m3; K2: 2.93 t/m3; Waste: 2.8 t/m3Reported tonnage and grade figures are rounded from raw estimates to reflect the order of accuracy of the estimate.Minor variations may occur during the addition of rounded numbers.Calculations used metric units (metres, tonnes and g/t)Gold equivalents are calculated as AuEq = Au g/t + ((0.923 x Cu%)*1.38)+ ((0.77 x Ag g/t*0.0115). Gold price US$1,400/oz; Silver US$16.05/oz; Copper US$3.05/lb. Metal payabilities and recoveries are incorporated into the AuEq formula. Recoveries of 92.3% for copper and 77% for silver.Qualified PersonK92 mine geology manager and mine exploration manager, Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Kohler includes significant time onsite reviewing drill core, face sampling, underground workings, and discussing work programs and results with geology and mining personnel.On Behalf of the Company,John Lewins, Chief Executive Officer and DirectorFor further information, please contact David Medilek, P.Eng., CFA at +1-604-687-7130.NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for the Kainantu Project, expectations of future cash flows, the planned plant expansion, production results, cost of sales, sales of production, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations in PNG, mitigation of the Covid-19 pandemic, continuation of the lifted state of emergency, and regulations and other matters. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.Photos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d07bc5e5-6c02-49be-844b-f23906fda78dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/2fabbbbb-11e3-4fa0-8b23-2aaba8ffdaf2https://www.globenewswire.com/NewsRoom/AttachmentNg/8cef5e83-c178-4936-bc53-9641679ad857